Goods In Transit Insurance
Goods In Transit and Public Liability Insurance
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Goods In Transit Insurance
If you or your business delivers goods regularly from one location to another then goods in transit insurance (GIT) may be the right cover for you. Transporting goods and valuables regularly isn’t without risk. Goods in transport insurance covers you against damage, theft and loss of property while in transit – ideal for removal services and haulage companies.
What is goods in transit insurance?
Goods in transit insurance is designed to protect you and your customer’s goods whilst they are out for delivery. Loss or damage of goods on their way to the customer is always a risk for couriers, so having the right cover is important. GIT insurance can offer you coverage against the potential costs of loss or damage of goods.
- Goods-in-transit insurance is different to standard truck or van insurance and will not cover you against injury or vehicle damage.
- Some comprehensive goods in transit insurance policies may also include public liability insurance as part of their cover.
How much is goods in transit insurance?
The cost of goods in transit insurance will vary depending on the type of goods being transported and the individual insurer. Other factors such as driver history and the type of business will also influence the cost of GIT insurance. Getting quotes from insurance providers is the best way of seeing how much you will pay for GIT insurance that is specific to your needs.
How much is goods in transit insurance?
If you offer a courier or haulage service then having goods in transit insurance is important – it can help protect your business against potentially serious costs for damaged or lost goods while they are in transit. Even if you are not a business offering these services, you may still benefit from having goods in transit insurance. Here are some examples of when goods in transit insurance may be needed:
Do I need goods in transit insurance?
If you offer a courier or haulage service then having goods in transit insurance is important – it can help protect your business against potentially serious costs for damaged or lost goods while they are in transit. Even if you are not a business offering these services, you may still benefit from having goods in transit insurance. Here are some examples of when goods in transit insurance may be needed:
Courier or delivery service
If you operate a courier or delivery service, then having goods in transit insurance to protect your customer’s goods is strongly recommended.
Businesses that move their own goods
For example, businesses moving premises can take out goods in transit cover to insure their office belongings during transit if the courier service does not have adequate cover already in place.
Hiring removal companies
While many delivery services will have their own goods in transit insurance to cover your goods – these policies may not cover the full value of your goods. Taking out your own goods in transit insurance can get you the cover you need.
Transporting private goods
If you are transporting your own personal valuables such as artworks, antiques and TVs – you may wish to take out temporary goods in transit insurance.
Is goods in transit insurance a legal requirement?
It is not a legal requirement to have goods in transit insurance – but is strongly recommended. Some customers may insist that their goods be covered by your service in the event of damage or loss. When customer goods and valuables are in your possession, you are liable for any damages or loss that occurs when they are in transit. You may also face additional consequential costs if clients need to halt their business as a result of damaged or missing goods.
What is covered by goods in transit insurance?
Goods in transit insurance covers goods under the ‘custody and control’ of the delivery service. Delivery goods will be insured against damage, loss and theft while they are in transit to the customer. Some insurers may also cover you against damage due to weather damage, infestation and accidental damage during the loading and unloading of goods. The scope of cover can vary between insurers so be sure to check your policy details.
Theft of goods
Delivery services and haulage trucks are tempting targets for theft. Thieves know that these services carry valuable goods and so are more vulnerable to theft than other motorists. Goods in transit insurance will offer cover for stolen items provided appropriate precautions are taken against theft.
Traffic accident damage
If you are involved in a traffic accident while in transit and your goods are damaged or destroyed – you’ll be covered for the loss under goods in transit insurance.
loss of goods in transit
If goods are lost in transit either due to theft or becoming unsecured – goods in transit insurance will cover you provided reasonable precautions are taken.
*Remember – check your policy details to confirm what your insurance will cover you against.
What is excluded from goods in transit insurance?
As with all types of insurance coverage, goods in transit insurance has some exclusions to be aware of.
- Dangerous goods – Livestock, money, explosives and hazardous chemicals, biological samples and high theft-risk goods are all typically excluded unless specifically agreed with the insurer. Specialist insurers may be needed to cover such goods.
- Negligence – If the goods in your care are damaged or stolen due to negligence such as unattended vehicles, unsecured goods, insufficient security etc.. then your claim will likely be rejected.
- Confiscation by authorities – If goods are seized in transit by police or other relevant authorities – then insurers will typically not cover these items.
- Driving under the influence – Couriers operating under the influence of drugs or alcohol will not be covered should you need to make a claim.
What level of cover do I need?
The level of cover that you’ll require will depend on the type of goods you are carrying and any contractual agreements and international rules your service may be impacted by. Determining what you will be liable for with the client in the event of damage or loss of goods in transit is crucial for choosing the right coverage. The types of contractual conditions include:
- Convention on the Contract for the International Carriage of Goods by Road – – If you transport goods internationally by road, you will need to have insurance which covers listed liabilities by the UN’s CRM convention.
- RHA Conditions of carriage – This is a good starting point for negotiations over liability for the transit of goods in the UK between hauliers and customers. For further information on RHA conditions of carriage, you can consult their official website.
- Individually negotiated contracts – You may wish to directly negotiate with your clients regarding the level of cover needed for their goods while in transit.
Goods to be delivered
The delivery of sensitive documents and valuables may require a completely different cover to furniture or industrial equipment. Confirming this with your insurer is essential to getting the right cover.
Employment type
If you are self-employed then negotiating the required level of cover for customer goods directly with clients is essential. Using RHA conditions of carriage as a reference point for negotiation can be useful.
Where you deliver
International collection and delivery will influence the level of cover needed.
How to get cheap goods in transit insurance
The cost of goods in transit insurance will be influenced by a number of factors including the type of goods you’re transporting, the distance of transit and driver history. There are some steps that can be taken to effectively reduce your premiums.
Accurate value of goods
By overestimating the value of goods to be carried you can end up overpaying on your insurance coverage. Be as accurate as possible when assessing the value of goods to be moved.
Consider black box insurance
Some insurers will offer discounts on drivers with telematics insurance if their driving is good.
Invest in increased security
By investing in immobilisers, dashcams, trackers and door locks, you can reduce the risk of theft to your van.
Frequently asked questions
What’s the difference between courier insurance and goods in transit insurance?
Does goods in transit insurance include public liability insurance?
Do I need goods in transit insurance for moving homes?
Does goods in transport insurance cover goods outside the UK?
Does goods in transit insurance cover goods in storage?
Does GIT insurance cover goods left in a vehicle overnight?
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